Global Task Trainers Market is Expected to Reach $505 Million By 2022Published On: April 7, 2017
The global task trainers market is expected to reach $505 million by 2022 with a CAGR of 14.6% over the period of 2016 to 2022, according to the latest publication from Meticulous Research®.
Global task trainers market is majorly driven by the growing need to curtail healthcare costs which is primarily attributed to the shortage of healthcare professional, increased healthcare spending, increased administrative expenses, changing lifestyle, and growing incidence of chronic disorders and population in general. According to the UN Population Division, the global aging population is set to increase from 880 million in 2011 to 2 billion by 2050, representing 22% of the world’s population. Japan and South Korea are considered to be the fastest aging countries in the world. Most regions in the world will thus witness approximately 10% increase in healthcare costs, as per a survey conducted by leading medical insurers in 48 countries; the cost in North America will increase by around 11%, while Europe will witness 8% rise. According to the CDC, Medicare spending has grown about nine-fold in the past 25 years, increasing from $37 billion in 1980 to $336 billion in 2005. If left unchecked, healthcare spending will increase 25% by 2030, largely because of the aging population.
Thus, in such a financially stretched healthcare sector, use of technology can marginally reduce the healthcare costs. Various medical simulation products such as task trainers aim to facilitate the efficient learning. It also helps developing skills of the healthcare providing team, reducing the medical errors, increasing patient safety, and improves the overall patient outcomes which help the medical community to mitigate the rising healthcare costs across the globe.
In addition, growing emphasis on patient safety and outcomes further drives the global task trainer market since it addresses a long standing concern of medical errors in healthcare practices. According to the Journal of Patient Safety, around 400,000 deaths occur each year in the U.S. only. It also reveals that each year preventable adverse events (PAEs) lead to the death of 210,000-400,000 patients who seek care at a hospital. These figures make medical errors the third leading cause of death behind heart disease and cancer, according to Centers for Disease Control and Prevention statistics. According to WHO, in Europe 8-12% of the patients admitted in hospitals are misdiagnosed and leads to fatal outcomes. World Health Organization also believes that one in 10 hospital admissions leads to an adverse event and one in 300 admissions in death across the globe. Thus, there is an increasing need to reduce medical errors and adverse events in order to improve patient safety and increase health outcomes. Other key factors that drives task trainer market includes consistent development in medical simulation technologies, shortage of real life patients for practice purpose, and growing preference to minimal invasive surgeries. However, there are certain factors that have restraining effect on this market such as fidelity of task trainer, which is nothing but the inability of task trainers to imitate the emotional attributes of the patients.
The global task trainers market is mainly segmented by product, end-user, and geography. The product market is primarily segmented into obstetric trainers, pediatric & neonatal care trainers, trauma care kits and trainers, respiratory & airway trainers, basic life support trainers, and simulation accessories. The market is further segmented by end user in to healthcare education, hospitals, military, emergency medical services , and voluntary organizations. The global task trainers market is further segmented by geography into four major continents namely, North America, Europe, Asia-Pacific, and Rest of the World (RoW). These continents are further analyzed at the country level.
Laerdal Medical is the leader in the global task trainers market with the strong distribution channel across the globe. The other leading players in the global task trainers market are CAE Ltd, Gaumard Scientific, Limbs & Things LTD, 3D Systems Inc., Kyoto Kagaku Co., Ltd, Adam,Rouilly Limited , 3B Scientific, Tellyes Scientific Inc, Surgical Science, Altay Scientific S.p.A, Simulab Corporation, 3-Dmed, and Simulaids, Inc.
Key questions answered in the report-
- Which are the high growth market segments in terms of products, end-users, regions and countries?
- What is the historical market for task trainers across the globe?
- What are the market forecasts and estimates from the period 2016-2022?
- What are the major drivers, restrains, threats, and opportunities in the global task trainers market?
- What are the burning issues of the global task trainers market?
- Who are the major players in the global task trainers market and what share of the market do they hold?
- Who are the major players in various countries and what share of the market do they hold?
- What are the competitive landscapes and who are the market leaders by sub-region in the global task trainers market?
- What are the recent developments in the global task trainers market?
- What are the different strategies adopted by the major players in the global task trainers market?
- What are the geographical trends and high growth regions/ countries?
- What are the local emerging players in the global task trainers market and how do they compete with the global players?
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